Senate Bill 541
Introduced Senate Bill (S)
DIGEST
Employer training expense tax credit. Establishes a tax credit against state tax liability for expenditures and donations made on behalf of an employee or student to meet the requirements for portable workforce credentials that are required or beneficial for targeted employment in manufacturing, health care, information technology, or logistics that is critical to or emerging as needed by employers to conduct business in Indiana. Limits the tax credit to $40,000 per employer and $5,000 per employee or student in each taxable year, and limits the aggregate total of all tax credits that may be claimed by all taxpayers for expenditures
Employer training expense tax credit. Establishes a tax credit against state tax liability for expenditures and donations made on behalf of an employee or student to meet the requirements for portable workforce credentials that are required or beneficial for targeted employment in manufacturing, health care, information technology, or logistics that is critical to or emerging as needed by employers to conduct business in Indiana. Limits the tax credit to $40,000 per employer and $5,000 per employee or student in each taxable year, and limits the aggregate total of all tax credits that may be claimed by all taxpayers for expenditures
and donations made in each state fiscal year to $10,000,000. Requires the department of workforce development to carry out a program to allocate available tax credits among taxpayers and to maintain a list of portable workforce credentials and approved training providers that would qualify a taxpayer for a tax credit. Expires the tax credit program on July 1, 2021. Repeals the economic development for a growing economy tax credit allowed for training of prospective employees who are students in an educational institution in a course of study that leads to an industrial certification.
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